One of our core functions as a Local Enterprise Partnership has been to carry out economic planning for the 'functional economic market area' that covers the whole of the Dorset and BCP geography. While this responsibility has now transferred to the local authorities in Dorset, this year we have agreed to pull together a draft strategy on their behalf for the combined area.
Whilst we regularly monitor key economic indicators, we have not undertaken a comprehensive review of our evidence base since we published the Local Industrial Strategy (LIS) in 2019. As Government has indicated that it expects local areas to update their economic strategies by the Autumn it was time for a review and refresh of the economic data and analysis of trends for Dorset.
Reviewing economic data & trends: informing strategy and vision
The first step in this process has been to conduct a full review of the economic data and trends affecting our area, which we will be sharing shortly. Plus, we have started to think about an economic vision and priorities for the area going forward, as we recognise that the LIS for Dorset requires updating.
What is the purpose of an economic strategy?
The main purpose of an economic strategy is to articulate a shared sense of direction for the area, so that businesses, partners and stakeholders in the area can get behind it and take co-ordinated action to achieve it.
It serves to communicate our collective ambitions beyond Dorset and identify ways that we can collectively work with partners in other geographic areas to further joint objectives. It will also help us to identify investment priorities for Dorset which will help us to lay the groundwork for future funding bids and potential deals with Government.
How can I get involved?
We will shortly be publishing our evidence base, which will provide a detailed report on key socio-economic trends affecting the area as well as issues and opportunities.
As part of this work, we will also be embarking on a process of engagement on our emerging strategy. We will be asking you to help us shape a collective vision for the area as well as our plans to achieve it.
Please keep an eye out here and on our LinkedIn for further details of how to get involved.